Tue, Jul 23, 8:27 PM (46 days ago)
Enphase Energy, Inc.'s Form 10-Q for the quarter ended June 30, 2024, shows a significant decline in net revenues by 57% YoY to $303.5M, primarily due to a 73% decrease in microinverter units shipped. Gross profit dropped by 58% to $137.2M, with gross margin slightly decreasing to 45.2%. Operating expenses were reduced by 12% YoY to $279.9M, driven by cost-cutting measures under the 2023 Restructuring Plan. Net income fell to $10.8M from $157.2M YoY, with EPS at $0.08. Cash and equivalents stood at $252.1M, down from $288.7M at year-end 2023. The company repurchased $99.9M in shares, leaving $648.1M under its repurchase program. Future outlook remains cautious due to ongoing market uncertainties and macroeconomic factors.